An Open Taxonomy for Monetary Authority of Singapore (MAS) 610

Licenses an Open Taxonomy for MAS 610 Compliance enabling industry participants to have a shared understanding of MAS’s data ask


Overview


Device Frame
Shared Understanding

In March 2018, the Monetary Authority of Singapore (MAS) announced revised standards on data collection requirements for MAS 610/1003 ― its core balance-sheet monthly regulatory return.

  • MAS set a tight 24-month implementation timeframe. In 2020, financial institutions must submit returns for both the current and revised MAS 610 during a six-month parallel reporting phase

  • The number of data points financial institutions are required to report jumped 8,000 percent, from about 4,000 to more than 340,000 across 67 reports

Questions to Consider

  • Are we on track to collect and categorize all the required new datapoints?

  • Have we successfully mapped all 340,000 datapoints?

Solution

Simplicity, Openness, Access

An Open Taxonomy for MAS 610 Compliance enables all industry participants to have a shared understanding of MAS’ data ask

  • AxiomSL represents the consortium in licensing this taxonomy to the industry

  • Classifies the revised MAS 610 into reusable business concepts

An Open Taxonomy

  • Distils the more than 340,000 required data points into 1,000 reusable business concepts, grouped into 67 reporting dimensions and 65 reportable amount-types
  • Provides a level of consistency that would not have been possible without a collaborative approach

  • Creates common data relationships that:
    • Enable automatic generation and maintenance of derived data points
    • Establish relationships between them
    • Describe and validate data points

Collaborative Effort

Consortium formed to simplify and streamline MAS 610 compliance reporting. Parties included:

  • PWC: As advisor reviewed drafts, posed clarifying questions, circulated drafts to founding banks’ working group, coordinated feedback to BR-AG
  • BR-AG: As regulatory data consultant drafted the data model and XBRL taxonomy

  • Founding banks working group: Reviewed circulated drafts, provided comments and feedback
  • AxiomSL: As principal contractor performed the technical review of taxonomy drafts

Device Frame

How A Consortium Created the MAS 610 Open Taxonomy

The Power Of An Open Taxonomy for MAS610

Dimensions, Members, Measures: The Science of Classification

AxiomSL’s Open Taxonomy for MAS 610 Solution - Dimensions, Members, Measures: The Science of Classification

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AxiomSL Credited for Outstanding Collaboration on MAS 610 Open Taxonomy

Benefits

Reduced change management costs: Accelerates comment cycles and enables firms to focus on change impacts

Encourages broad-based adoption and innovation in related technologies and services

Creates efficiencies for all industry participants by tapping the wisdom of the crowd

Higher data quality: Reduces ambiguity associated with each firm’s interpretations

Aligns with global regulatory trend: Regulators including MAS, APRA, EBA, BoE, EIOPA, Bank of Spain are using taxonomy-based approaches

Lower operating costs: Facilitates automation (deployment and testing), timeliness, and accuracy of future implementations

Lower project costs: Reduces analytic effort from an average of six person-months to less than one person-month

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